Nevada Gaming Revenue Down For Second Consecutive Month

In November, Nevada casinos and other gaming venues collectively earned $1.1316 billion from gamblers. This represented a 4.2% decrease compared to the previous year and signified the second consecutive monthly revenue reduction for the state gaming sector. 

On Thursday, the Nevada Gaming Control Board revealed that the state’s 315 licensed slot machine venues and 255 locations for table games, keno, bingo, race, and sports betting experienced a decrease in activity even with Formula One arriving for the Las Vegas Grand Prix. 

Across the state, slot machines generated approximately $810.6 million. Table games, sports wagering, keno, and bingo totaled $505.9 million. 

Slots were the main cause of the yearly decline in gross gaming revenue (GGR), with machines experiencing a nearly 7% drop in their net win. Income from tables, sports, keno, and bingo remained unchanged. 

Challenging Similar, Schedule 

The first-ever F1 Las Vegas Grand Prix in November 2023 attracted throngs of wealthy gamblers from Europe who filled the Strip's finest hotel accommodations and placed large bets on the elegant casino floors at Wynn, The Venetian, Caesars Palace, Cosmopolitan, Bellagio, Aria, and more. The second edition of the F1 event lacked the same excitement and enthusiasm. 

Michael Lawton, the senior economic analyst at the NGCB, noted that November 2023 posed a challenging comparison. He additionally mentioned that the end of November 2024 on a Saturday resulted in weekend activities from Nov. 30 being documented as December outcomes.

"It seems our numbers in Southern Nevada were lower as expected, considering attendance at Formula One wasn’t as large as the previous year,” said Lawton. “We were facing a difficult comparison, as last November was the third-highest win total in state history. However, if we were not negatively impacted by slot revenue timing, the state would have recorded an increase year-over-year.”

In November, GGR on the Strip decreased by 3.9% to reach $788.7 million. Table games favored by the wealthy F1 audience experienced a win decline exceeding 5%, primarily due to craps and baccarat. 

Different regions outside the Strip and F1 setup performed better. 

North Las Vegas (increased by 6%, totaling $24.5 million) and Mesquite (increased by 9%, totaling $16.4 million) both experienced a rise in gaming revenue. Beyond Clark County, Elko experienced a 5% increase in GGR to reach $33.7 million, while Sparks rose by 8% to $15 million. 

However, several other key markets experienced a drop in GRR after Las Vegas. Douglas County, which contains South Shore Lake Tahoe, saw a 20% decline to $14.4 million, as a late October fire caused a quiet start to the month in the Sierra Nevada community. Washoe County, where Reno is located, disclosed a 6% decrease in revenue to $76 million. 

LVCVA Supports Race 

The Las Vegas Convention and Visitors Authority (LVCVA), a key partner in establishing the Las Vegas Grand Prix and crucial for introducing the circuit to Southern Nevada, reported that the 2023 race generated a favorable economic impact of $1.5 billion. The LVCVA additionally stated that the race attracted 145K distinct visitors to the city. 

Numerous residents and off-Strip enterprises have voiced their annoyance regarding the race's effect on the neighborhood. For instance, Jay’s Market located at Flamingo Rd. and Koval Lane reported selling $340K less fuel in November 2024 compared to November 2022 prior to the arrival of F1. The disparity in revenue resulted in a drop in profit from $104K in 2022 to $36K. 

Although Jay’s Market and several other small businesses have complaints, LVCVA officials assert that the 2024 race was yet another success. They highlighted November visitor statistics indicating that 3.31 million individuals flocked to Las Vegas, marking a 0.6% increase from November 2023 when 3.29 million visited. 

The LVCVA attributed a decline in visitor volume to low convention attendance, which was down by 8%. The LVCVA oversees maintaining the activity in Las Vegas meeting spaces and halls all year round.